National Small Industries Corporation plans to achieve 15-20% growth rate

The Dollar Business Bureau The National Small Industries Corporation (NSIC) on March 30, 2015, signed a Memorandum of Cooperation (MoC) with the Ministry of Micro, Small and Medium Enterprises (MSMEs), for the year 2015-16. Under this MoC, the NSIC aims to provide enhanced services like Financial, Marketing, Technology Services and other support services schemes for MSMEs in the country. The Corporation further projects to achieve a growth rate of 15%-20% under it’s the operational performance during the year 2015-16. The key elements under the MoC include distribution of raw material to the SMEs, preparing the SMEs to avail enhanced benefits, development of clusters, among others. According to the MoC, the Corporation is aiming at distributing the raw material to the tune of Rs 21000 crore in 2015-16, which is  higher than that of Rs 18000 crore in the year 2014-15.  Under its efforts to reach out to the enterprises with available schemes, the Corporation intends to prepare MSEs to avail enhanced benefits under ‘Public Procurement’. The Corporation is developing steps including consortia formation, conducting vendor development programs and providing tender information to facilitate in tender participation. Through the e-marketing services, the NSIC focuses on facilitation of MSMEs in their marketing efforts through mobilising greater membership under e-marketing portal. The NSIC will also adopt ten clusters in a move towards extending benefits of NSIC’s schemes to the MSMEs operating from such clusters.  Recently, Union Minister of MSME Kalraj Mishra said that, under the current five year plan, the Ministry would set up 800 SFURTI clusters to boost the Khadi and Village Industries (K&Vis). Through the revamped schemes, the Ministry intends to provide an enhanced market strategy strengthened by the business cluster model, in order to increase the market scope for the small scale industries.  

This article was published on March 30, 2015.